Volkswagen began issuing car loans in the blockchain

In early March 2021, Volkswagen Financial Services (VWFS) began using the Onfido digital identification solution and the Scrive blockchain confirmation electronic signature solution to process car loan applications in the UK.

VWFS provides financing, leasing and insurance services, customers of the company can use the solutions of two startups when applying for a loan, either personally or remotely. In the Onfido solution, the user is checked by creating a copy of his identity card and selfies, Onfido compares them using face recognition technology .

Volkswagen, with the support of Onfido and Scrive, began issuing car loans in the blockchain

The reaction of our dealers is very positive: a clear, easy-to-use process that simplifies the purchase process and speeds up the processing time of payments, "said VWFS UK representative Titus Aka-Sanza.

Scrive and Onfido provide a fast, consistent and error-free financing process, providing a first-class customer experience for car buyers, "said Scrive CEO Victor Wrede. This joint decision with Volkswagen Financial Services UK contributes to Scrive's significant penetration into the automotive sector.

Other customers from the automotive industry include Avis, Volvo and Scania, which are part of the Volkswagen group. However, Scrive has customers from other sectors, for example, telecommunications companies Telia and Telenor.

VW Financial Services uses a blockchain solution for digital contracts. Meanwhile, by March 2021, Volkswagen's blockchain activity is mainly associated with a steady search for minerals. Back in 2019, the company collaborated with startup Minespider to track lead. Around the same time, he also joined IBM the Responsible Sourcing Blockchain Network to track cobalt. In 2021, the company became an adviser to the CERA Association, a blockchain-based certification system for mining industry.^[1]

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